Officials from the North Dakota government showed up at the Bitcoin 2022 conference in Miami to entice cryptocurrency miners into their greener pastures. They went with the promise of offering the “cleanest cryptocurrencies on the planet”.
The North Dakota Department of Commerce spent $35,000 on the trip, and said he expected a return of 20,000% or more on his presence at the conference.
The department announced that the state has already secured $3 billion of cryptocurrency investment and is close to attracting another $3 billion in projects.
North Dakota hopes to end its dependence on agriculture and oil by attracting crypto mining companies to set up shop in the state. of the Upper Midwest. There are no tax exemptions or financing, as the state relies on its natural assets.
It is known for its cold and dry climate, which can help cool mining rigs that overheat. Add cheap electricity and promises of the world’s cleanest energy to the mix and the location is attractive to some mining companies.
North Dakota outlet
Every year, huge volumes of leftover natural gas are burned in America’s oil and gas fields that are not profitable to drive anywhere, which supposes a waste of energy and the emission of greenhouse gases.
More and more miners are starting to install platforms to take advantage of this by-product of the oil industry. It is not only good for the environment, but also from an economic point of view, as they earn block rewards and can sell the associated carbon credits.
The ND Commerce Commissioner, James Leiman said on the local Chris Berg Show radio show that he wanted to position North Dakota as the region with the cleanest cryptocurrencies on the planet.
“We’ve already figured out a way to take carbon – which is considered a global liability for whatever reason – and we’ve been able to monetize it in six ways.”. Companies and governments are willing to pay a premium for these carbon credits.
“We can take other people’s liabilities or trash, if you will, and turn it into our treasure. That is why North Dakota is a very specialized place for some of these cryptocurrency miners. Also, there is a low price of electrons compared to the rest of the country. There is also access to abundant gas reserves. I think the sky is the limit for the crypto industry.”
Smaller cryptocurrency mining operations have already established themselves in the Bakken oil fields of north-central North Dakota. They feed on leftover natural gas that would otherwise have burned up in the atmosphere. Although using a by-product to feed miners is a positive thing, there are other countries that use renewable energy to power their mining industry.
Norway’s Bitcoin Mining Credentials Appear To Be Top Notchas the small Scandinavian country is home to 0.77% of the Bitcoin hash rate using 100% green and renewable energy.
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